Taxation Administration,Ministry of Finance,R.O.C
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FAQs
* Date
  2013.07.16
* Question:
  What are the major revisions to the estate and gift tax?
* Answer:
  The major revisions include:
1. The tax structure was adjusted from 10 tax brackets (with the highest marginal tax rate of 50%)to a single flat rate of 10%.
2. The exemption under the Estate and Gift Tax Act was adjusted from NT$7,790,000 to NT$12,000,000 for the estate tax. There was also an adjustment of the annual exemption available for each donor from NT$1,110,000 to NT$ 2,200,000 for the gift tax.
3. The penalty which shall be imposed on a taxpayer who fails to submit a tax return in a timely manner was adjusted from “one to two times” to“ up to two times” of the tax payable, with the same adjustment also being made for the penalty imposed on a taxpayer who although submitting a tax return in a timely manner fails to report or under-report an item(s) of property.